宝城期货螺纹钢早报（2025年9月19日）-20250919

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The supply - demand pattern of rebar has improved, but downstream industries have not improved, and demand concerns remain. With the cost rising, steel prices are expected to continue to fluctuate, and attention should be paid to demand performance [2][3] 3. Summary According to the Catalog 3.1 Variety Viewpoint Reference - For rebar 2601, the short - term, medium - term, and intraday trends are respectively: short - term is sideways, medium - term is sideways, and intraday is sideways and weak. It is advisable to pay attention to the support at the MA20 line. The core logic is that the fundamentals are improving, and steel prices continue to fluctuate [2] 3.2 Market Driving Logic - The supply - demand pattern of rebar has improved. Weekly rebar production has continued to decline, and the intensity of production cuts during the peak season needs to be tracked. Inventory has significantly increased from a low level, so the positive effect of supply is not strong. Meanwhile, rebar demand has improved, with high - frequency demand indicators rising from a low level, but downstream industries have not improved, and the demand during the peak season is lackluster. With the cost rising, steel prices are expected to continue to fluctuate under the game of multiple and short factors, and attention should be paid to demand performance [3]